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  Time Series Analysis of Prices and Quantities at the Bulgarian Electricity Exchange in Conditions of Low Liquidity

  This article analyzes the time series of prices and quantities on the Bulgarian electricity exchange. The focus is on the period between January 2016 and June with the assumption that in this initial period for its operation, the stock exchange trade is not sufficiently liquid. Statistical tests and seasonal decomposition of quantities and prices ... This article analyzes the time series of prices and quantities on the Bulgarian electricity exchange. The focus is on the period between January 2016 and June with the assumption that in this initial period for its operation, the stock exchange trade is not sufficiently liquid. Statistical tests and seasonal decomposition of quantities and prices are made. This allows the determination of their statistical properties. The analysis shows that both time series are characterized by mean reversion and have a weekly seasonality.

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  The Impact of IFSR 16 Leases on The Financial Position Ratios and Company Valuation

  IFRS 16 represents the most significant change in accounting for leases. The new regulations will affect companies in all sectors of the economy that apply IFRS, but especially those that use high-value assets primarily through operating leases until the new rules were introduced. This change will lead to a significant increase in both reported ... IFRS 16 represents the most significant change in accounting for leases. The new regulations will affect companies in all sectors of the economy that apply IFRS, but especially those that use high-value assets primarily through operating leases until the new rules were introduced. This change will lead to a significant increase in both reported assets and reported liabilities, which in turn will change some of the key financial indicators for profitability, solvency, liquidity and turnover. The degree of change will depend entirely on the intensity of the use of operating leases in the individual entities. The new rules may also change the estimates investors make for the cost of a debt, the weighted average cost of capital and, respectively, the corporate valuation.

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  Bankruptcy Risk in Small and Medium-Sized Enterprises in Bulgaria

  The bankruptcy risk study for SMEs in Bulgaria is based on data from the financial statements of 100 non-financial firms with different main activities for the period 2014 - 2016, provided by the National Statistical Institute. The results of the study show that the implementation of well-established models of bankruptcy prediction, such as those ... The bankruptcy risk study for SMEs in Bulgaria is based on data from the financial statements of 100 non-financial firms with different main activities for the period 2014 - 2016, provided by the National Statistical Institute. The results of the study show that the implementation of well-established models of bankruptcy prediction, such as those of Altman, Springate, Taffler and Biever, may serve as an indicator for financial distress, but it is not sufficient to assess the risk of bankruptcy in Bulgarian economic conditions. The survey results suggest that the coefficient Cash flow from operating activities / Current Liabilities has the potential to serve as an indicator of the differentiation of companies that are threatened with bankruptcy in the short term and even has some advantages over the models of Altman, Springate, Taffler and Biever in Bulgarian economic conditions. Given the high levels of the gray economy in the country and the widespread practice of manipulating the financial statements, it is reasonable in the analysis of bankruptcy risk to use in addition to the balance sheet and income statement indicators and such indicators incorporating information on the cash flow from operating activities of SMEs that is more difficult to manipulate. The large share of overdue and uncollectible receivables from clients in the country also presupposes using cash flow information to analyze bankruptcy risk. The Altman, Springate, Taffler and Biever models contain only in-company balance sheet and corporate income statement information and are not tailored to capture the systemic risk that creates high inter-firms indebtedness in the country, and in particular the high proportion of overdue trade receivables.